30-member Saudi delegation in Kenya to explore investment opportunities

A 30-member business delegation from Saudi Arabia is in the country to explore bankable investment opportunities and the establishment of more joint investment projects between Riyadh and Nairobi.

The projects will fall under the Energy, Agriculture, ICT, Telecommunications, Financial Services, Transport, Infrastructure, Tourism, Water, Blue Economy and Mining sectors.

Some of the visiting companies included Saudi Exim Bank, Saudi Fund for Development, Tadawul, Red Sea Gateway Terminal, Seera Group, and the Grand Mining Group.

"Kenya has a high standard of treating investors which has been ranked as 3rd in Africa. Here we have over 30 companies valued at over USD 2.5 trillion looking for investment opportunities in Kenya. Saudi is a strategic partner for Kenya," Trade Principal Secretary Abubakar Hassan said.

On the sidelines of the visit, a Kenya - Saudi Arabia Business to Business Forum was held with the aim of forging strategic alliances with like-minded businesses from both countries.

Kenya and Saudi businesses were presented with a platform to unlock new horizons and supercharge their business growth.

"I am impressed at the number of Kenyan delegates both from the private sector and government that are here. This is an important step in the partnership of the two countries as Saudi seeks to expand its relationship with Kenya,"  Saudi Arabia Deputy Minister for Investment  Badhar Al Badhar said.

"We will be looking at opportunities in Energy, Agriculture & Livestock, ICT & Telecommunications, Financial Services, Transport & Infrastructure, Ports and Economic zones, Tourism, Water, Blue Economy and Mining."

In 2021, the value of Kenya’s imports from UAE was approximately USD $1.8 billion while Kenyan exports to UAE were valued at about USD 392 million.

In the same period Qatar imports hit the USD $23 million mark while exports stood at USD $35 million.

Saudi Arabia imports were at USD $88 million while exports stood at USD $1.4 million.

These are the gaps that visits and subsequent engagements will try to bridge.